Binance Improves Ethereum Performance with ZkSync Era Integration

Crypto News– The crediting of funds to users’ Binance accounts on the zkSync Era network will take approximately 24 hours, as per an official announcement by Binance. This delay is attributed to the zkSync Era Finality mechanics.

Binance Improves Ethereum Performance with ZkSync Era Integration

zkSync 1.0, despite its initial version lacking support for smart contracts, demonstrated impressive success by securing over $397 million in total value locked, according to data reported by L2BEAT.

Rollup solutions like zkSync have emerged as critical components in addressing Ethereum’s scalability challenges. They achieve this by redirecting transactions away from the congested mainnet to more efficient layer-2 networks. Within these secondary networks, users can seamlessly execute transactions, and these transactions are later consolidated into proof data. Subsequently, this proof data undergoes verification on the Ethereum mainnet.

Recently, Alex Glochowski, co-founder of zkSync, introduced a governance proposal called L1 Fork. This proposal is designed to mitigate the risks associated with smart contract implementations by establishing an on-chain court system, similar to real-world legal structures. This system empowers each protocol to create its own governance framework, complete with mechanisms for regular and emergency upgrades.

Binance’s integration of Ethereum onto the zkSync Era network marks a significant advancement in improving the efficiency and scalability of transactions based on the Ethereum platform.